Which of the Following Accounts Is Credited When Closed

question 78

Multiple Choice

Which of the following accounts is credited when closed?

• A)Unearned Ticket Revenue
• B)Wages Payable
• C)L.Larson, Capital
• D)Wages Expense
• E)Sales

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Definitions:

Financing Activities

Transactions related to raising capital and repaying investors, including issuing equity, obtaining loans, and repaying debt, as part of a company's cash flow statement.

Organizing Activities

Activities aimed at arranging or structuring resources and operations, often within the context of management and business operations.

Cash Flow

The total amount of money being transferred into and out of a business, especially affecting liquidity.

Investing Activities

Transactions involving the purchase and sale of long-term assets and investments.